{"id":64804,"date":"2022-09-21T15:46:46","date_gmt":"2022-09-21T14:46:46","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=64804"},"modified":"2022-09-21T15:46:46","modified_gmt":"2022-09-21T14:46:46","slug":"nigerias-fintech-revenue-projected-to-increase-to-543-3m-ncc","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigerias-fintech-revenue-projected-to-increase-to-543-3m-ncc\/","title":{"rendered":"Nigeria\u2019s Fintech Revenue Projected To Increase To $543.3m \u2013 NCC"},"content":{"rendered":"

The Nigerian Communications Commission (NCC) has said that Nigeria\u2019s financial technology (Fintech) revenue is expected to grow to $543.3million this year, a growth from $153.1 million in 2017.<\/p>\n

\"\"The executive vice chairman and chief executive officer of NCC, Prof. Umar Danbatta, disclosed this yesterday at the maiden conference of Finance and Online Publishers (FiBOP) held yesterday in Lagos under the theme \u2018Harnessing fintech for economic growth and development.\u2019<\/p>\n

Danbatta who was represented by the commission\u2019s director, digital economy department, Dr. Augustine Nwaulune also said, quoting mckensy.com that fintech accounted for only around 1.25 per cent of retail banking revenues in 2019 while its investments in Nigeria grew to approximately $460 million in 2019.<\/p>\n

He explained that majority of the investments were from external investors adding \u201cthis was only a small fraction of the $36 billion invested in fintech globally.\u201d<\/p>\n

\u201cFor millions of Nigerians, fintechs have designed practical, convenient, and affordable financial products and services, setting the bar for innovation in product creation. In doing so, they have had a multiplier effect on the economy as a whole, opening up new business models outside of financial services, promoting the expansion of e-commerce, expanding the science, technology, engineering and mathematics (STEM) talent pipeline, and accelerating the nation\u2019s development goals.<\/p>\n

\u201cYet despite these impressive gains, the impact created by fintechs is still only a fraction of its potential,\u201d he said.<\/p>\n

Notwithstanding, the positive gains and impact of fintech on financial inclusion, about 1.7 billion adults worldwide are not financially.<\/p>\n

From the figure, Danbatta said \u201cabout 56 million adult Nigerians fall into the categories of under-banked, unbanked, and financially excluded, compared to South Africa with 31% of financially excluded and Kenya 44% among others.<\/p>\n

\u201cNigeria still faces a significant financial-inclusion challenge, with more than 40 per cent of the country\u2019s population of around 200 million people without a bank account,\u201d he added.<\/p>\n

Globally, the NCC chief said global investment in fintech in 2019 was about $55.3 billion.<\/p>\n

On the whole, he said there are currently over 26,000 fintech startups worldwide \u00a0with 6,637 in India and 10,755 in America.<\/p>\n

In the US, he said fintech has become a solution to the problems that have hindered the financial growth of consumers.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cAccording to insider Intelligence, in-store mobile payments for the US are set to hit $125 billion in 2025 and Apple Pay currently makes up 92% of mobile wallet transactions in the nation as reported by Talk Android.<\/p>\n

\u201cThe fact that fintech in the US is growing at an incredible rate clearly shows that US financial services have long been apt for a disruption,\u201d he said.<\/p>\n

In the UK, Danbatta said the fintech sector is composed of over 1,600 firms, projected to double by 2030.<\/p>\n

According to him, the sector contributed an estimated $13.4 billion (\u00a311 billion) and over 76,000 jobs to the economy.<\/p>\n

For Japan, he said the country boasts of a dynamic and expanding fintech industry since 2016 when the government tagged the fintech sector as a promising growth area in its Japan Revitalization Strategy 2016.<\/p>\n

\u201cJapan\u2019s crowd funding ecosystem has seen notable growth in the past few years between 2016 and 2020; the market\u2019s size grew by approximately 157% from a starting point of $647 million,\u201d he added.<\/p>\n

In Africa, Danbatta said Nigeria accounts for 51.41% of account ownership; South Africa, 68.4%; Kenya 85.84%; Rwanda, 55.75%; Mauritius 92.71%, and Burundi, 7.50%.<\/p>\n

He added: \u201cSub-Saharan African countries accounts for 6% of ATMs (per 100,000 adults); low and middle income 27% and high income 68%.<\/p>\n

\u201cBank branches (per 100, 000 adults) Sub-Saharan African countries account for 5%; low and middle income 9%, and high income 20%.<\/p>\n

\u201cThis shows a wide variation in various inclusion and development indicators hindering growth and development economically.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian Communications Commission (NCC) has said that Nigeria\u2019s financial technology (Fintech) revenue is expected to grow to $543.3million this year, a growth from $153.1 million in 2017.<\/p>\n","protected":false},"author":6,"featured_media":37771,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[648],"coauthors":[2391],"class_list":["post-64804","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-ncc"],"yoast_head":"\nNigeria\u2019s Fintech Revenue Projected To Increase To $543.3m \u2013 NCC - National Wire<\/title>\n<meta name=\"description\" content=\"The Nigerian Communications Commission (NCC) has said that Nigeria\u2019s financial technology (Fintech) revenue is\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigerias-fintech-revenue-projected-to-increase-to-543-3m-ncc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s Fintech Revenue Projected To Increase To $543.3m \u2013 NCC - 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